Accumulate GSPL; target Rs 128: Kotak Securities

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26 Aug, 2025 12:21

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Kotak Securities' report on Gujarat State Petronet (GSPL)

GSPL's Q3FY15 result is lower than our estimates. GSPL reported a PAT of Rs.888 Mn up by 1.7% YoY but down by 48% QoQ basis mainly on account of lower tariffs, lower gas transmission volumes and higher operating cost. We expect GSPL to transport ~23.3 MMSCMD of natural gas in FY15E and 25.6 MMSCMD in FY16E. We expect GSPL to report an EPS of Rs.7.6 and cash EPS of Rs.11 for FY15E and similarly an EPS of Rs.8.68 and cash EPS of Rs.12.4 for FY16E. We recommend ACCUMULATE on GSPL with a revised target price of Rs. 128/share (earlier Rs. 124/Share)", says Kotak Securities research report.

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